Zandu hits the roof on bonus proposal

DALAL STREET SPIKES

Zandu Pharma stock hit the 10 per cent upper circuit for the second consecutive day on Wednesday following the company's proposal to consider a bonus issue.

In fact, the stock stuck the 10 per cent limit for the day at Rs 3,194.45 on opening and remained unchanged in early trades. The stock finally closed at above levels on the back of thin volumes of mere 1,017 shares on the BSE.

On Tuesday, the stock had spurted 10 per cent to Rs 2,904.05 after the company said, post trading on Monday, that its board would consider a bonus issue.

The stock, which has a face value of Rs 100, is generally thinly traded.

The company manufactures a range of ayurvedic products, specialising in rheumatology, gynaecology and the central nervous system. It operates in a fragmented industry with several unorganised players.